All performance is historical and does not represent future results. The value of an investment in the equity and bond funds will fluctuate up and down. When you sell your shares of these funds, they could be worth more or less than you paid for them.

Performance presented below may include historical performance of other classes. Please see the performance notes at the bottom of the page for more information.

Excluding Maximum Sales Charge

Including Maximum Sales Charge

Institutional

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Acadian Emerging Markets Managed Volatility**

4805

ACDIX

2.01

1.36£

2.63

7.30

-

-

4.53

9/27/2013

AHL Managed Futures Strategy

4815

AHLIX

2.29

1.55¥

3.65

-

-

-

17.58

8/19/2014

Bahl & Gaynor Small Cap Growth

4820

GBSIX

1.62

0.99¥

1.03

-

-

-

8.38

7/15/2014

Balanced

65

AADBX

0.59

0.59>

2.09

9.97

12.74

11.65

6.90

7/17/1987

Bridgeway Large Cap Value

3416

BRLVX

1.02

0.85Φ

2.51

16.61

21.05

17.25

9.05

10/31/2003

Crescent Short Duration High Income

4825

ACHIX

1.55

0.86Δ

2.34

-

-

-

0.38

10/01/2014

Earnest Partners Emerging Markets Equity**

4800

ABEEX

2.06

1.36±

1.60

3.24

-

-

-2.85

9/19/2013

Emerging Markets**

1950

AEMFX

1.44

1.36Ω

2.40

2.32

-0.67

2.59

6.66

7/31/2000

Flexible Bond

63

AFXIX

1.25

0.91±

1.23

2.14

2.61

-

3.05

7/05/2011

Global Evolution Frontier Markets Income**

3865

AGEIX

1.85

1.16£

1.01

4.43

-

-

3.87

2/25/2014

High Yield Bond**

1409

AYBFX

0.88

0.88>

3.09

-0.57

6.33

8.00

6.20

12/29/2000

Holland Large Cap Growth

3431

LHGIX

0.86

0.89Φ

5.45

10.82

15.13

15.18

7.77

3/01/2010

Inv 4/29/96

Intermediate Bond

2066

AABDX

0.33

0.33>

1.23

4.49

2.82

4.05

4.87

3/01/2005

International Equity

67

AAIEX

0.73

0.73>

6.30

-2.39

10.49

8.32

5.08

8/07/1991

International Equity Index

1952

AIIIX

0.21

0.21>

6.89

-0.86

9.18

7.49

4.70

7/31/2000

Large Cap Value

66

AADEX

0.59

0.59>

2.10

11.93

17.93

15.08

7.61

7/17/1987

Mid-Cap Value

2167

AACIX

0.91

0.91Ω

3.35

10.74

18.83

16.92

9.22

11/30/2005

AMR 6/30/04

S&P 500 Index

902

AASPX

0.14

0.14∞

2.54

15.32

17.83

16.02

7.88

12/31/1996

SGA Global Growth

4810

SGAGX

5.29

0.99£

5.01

6.72

9.61

-

10.65

12/31/2010

Short-Term Bond

2067

AASBX

0.38

0.38>

0.17

0.35

1.04

1.38

2.81

12/03/1987

SiM High Yield Opportunities**

1941

SHOIX

0.86

0.84±

3.09

4.32

9.25

-

8.43

2/14/2011

Small Cap Index

1951

ASCIX

0.23

0.23>

2.60

5.71

16.65

15.97

8.29

7/31/2000

Small Cap Value

370

AVFIX

0.81

0.81>

1.71

6.44

16.31

15.53

8.28

12/31/1998

Stephens Mid-Cap Growth

3421

SFMIX

1.11

0.99Φ

5.41

5.12

14.41

16.80

9.98

8/31/2006

Stephens Small Cap Growth

3426

STSIX

1.13

1.11Φ

3.02

-1.70

13.78

16.69

9.51

8/31/2006

The London Company Income Equity

3860

ABCIX

0.83

0.80±

3.60

20.68

-

-

19.52

5/29/2012

Treasury Inflation Protected Securities

2038

ATPIX

0.40

0.30Φ

1.65

0.58

-0.26

2.79

3.76

6/30/2004

Zebra Global Equity

1960

AZLIX

2.56

0.80±

3.10

7.88

12.83

-

13.70

6/01/2010

Zebra Small Cap Equity

1961

AZSIX

1.65

1.00±

0.96

7.87

16.21

-

16.33

6/01/2010

Investor

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Acadian Emerging Markets Managed Volatility**

4806

ACDPX

2.38

1.74£

2.65

7.01

-

-

4.18

9/27/2013

AHL Managed Futures Strategy

4816

AHLPX

2.67

1.93¥

3.66

-

-

-

17.38

8/19/2014

Bahl & Gaynor Small Cap Growth

4821

GBSPX

2.00

1.37¥

1.03

-

-

-

8.18

7/15/2014

Balanced

98

AABPX

0.93

0.93>

2.03

9.57

12.38

11.26

6.57

8/01/1994

Bridgeway Large Cap Value

3417

BWLIX

1.09

1.10Φ

2.48

16.28

20.67

17.03

8.95

2/03/2012

Instl 10/31/03

Crescent Short Duration High Income

4826

ACHPX

1.93

1.24Δ

2.27

-

-

-

0.32

10/01/2014

Earnest Partners Emerging Markets Equity**

4801

ABEVX

2.43

1.74±

1.50

2.81

-

-

-3.20

9/19/2013

Emerging Markets**

105

AAEPX

1.89

1.80Ω

2.35

1.88

-1.08

2.14

6.27

10/01/2002

Flexible Bond

94

AFXPX

1.44

1.28±

1.26

1.89

2.24

-

2.80

7/05/2011

Global Evolution Frontier Markets Income**

3866

AGEPX

2.22

1.54£

0.94

4.11

-

-

3.56

2/25/2014

High Yield Bond**

1902

AHYPX

1.11

1.10Ω

3.05

-0.73

6.12

7.74

5.94

3/01/2002

Holland Large Cap Growth

3432

LHGFX

1.26

1.27Φ

5.40

10.46

14.72

14.87

7.62

4/29/1996

Intermediate Bond

2258

ABIPX

0.91

0.80Ω

1.16

4.04

2.33

3.57

4.57

3/02/2009

Instl 9/15/97

International Equity

100

AAIPX

1.06

1.06>

6.24

-2.74

10.09

7.93

4.75

8/01/1994

Large Cap Value

99

AAGPX

0.94

0.94>

2.04

11.57

17.54

14.66

7.27

8/01/1994

Mid-Cap Value

2246

AMPAX

1.15

1.15Ω

3.32

10.51

18.57

16.79

9.04

2/28/2006

AMR 6/30/04, Instl 11/30/05

Retirement Income and Appreciation

2013

AANPX

1.16

1.16>

1.65

3.86

4.37

5.07

5.00

6/30/2003

S&P 500 Index

904

AAFPX

0.60

0.60∞

2.49

14.81

17.29

15.48

7.39

3/02/1998

SGA Global Growth

4811

SGAPX

5.56

1.37£

4.88

6.29

9.41

-

10.50

10/04/2013

Instl 12/31/10

Short-Term Bond

101

AALPX

0.91

0.80Ω

0.22

0.03

0.69

0.98

2.37

8/01/1994

SiM High Yield Opportunities**

2238

SHYPX

1.11

1.11±

2.94

3.90

8.89

-

7.94

2/14/2011

Small Cap Value

748

AVPAX

1.17

1.17>

1.65

6.04

15.88

15.10

7.94

2/28/1999

Small Cap Value II

749

ABBVX

2.29

1.38‡

1.41

5.53

13.81

-

15.36

11/15/2011

Stephens Mid-Cap Growth

3422

STMGX

1.38

1.37Φ

5.36

4.69

13.99

16.43

7.95

2/01/2006

Stephens Small Cap Growth

3427

STSGX

1.41

1.37Φ

2.99

-2.02

13.49

16.38

8.19

12/01/2005

The London Company Income Equity

3861

ABCVX

1.07

1.11±

3.51

20.34

-

-

19.11

5/29/2012

Treasury Inflation Protected Securities

2259

ABTPX

0.79

0.69Φ

1.57

0.15

-0.67

2.37

3.51

3/02/2009

Instl 6/30/04

Zebra Global Equity

1526

AZLPX

2.88

1.18±

3.11

7.53

12.39

-

13.28

6/01/2010

Zebra Small Cap Equity

1527

AZSPX

1.87

1.38±

0.82

7.43

15.76

-

15.87

6/01/2010

Advisor

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Balanced

2162

ABLSX

1.08

1.08>

2.00

9.46

12.23

11.11

6.35

5/31/2005

Inv 8/1/94

International Equity

2035

AAISX

1.20

1.20Ω

6.21

-2.90

9.90

7.73

4.51

5/01/2003

Large Cap Value

2163

AVASX

1.08

1.08>

2.02

11.44

17.37

14.51

7.09

5/31/2005

Inv 8/1/94

Mid-Cap Value

2249

AMCSX

1.42

1.42Ω

3.28

10.16

18.22

16.31

8.82

6/29/2007

AMR 6/30/04, Instl 11/30/05, Inv 2/28/06

Small Cap Value

2036

AASSX

1.30

1.30>

1.66

5.89

15.72

14.96

7.73

5/01/2003

Retirement

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

International Equity

2202

ABIRX

1.47

1.47Ω

6.21

-3.15

9.68

7.56

4.42

5/01/2009

Adv 5/1/03

Large Cap Value

2201

ALCRX

1.33

1.33>

1.98

11.13

17.03

14.19

6.90

5/01/2009

Inv 8/1/94, Adv 5/31/05

Small Cap Value

2203

ASCVX

1.58

1.58>

1.57

5.57

15.38

14.63

7.56

5/01/2009

Inv 2/28/99, Adv 5/1/03

Y

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Acadian Emerging Markets Managed Volatility**

4809

ACDYX

2.11

1.46£

2.54

7.21

-

-

4.39

9/27/2013

AHL Managed Futures Strategy

4819

AHLYX

2.39

1.65¥

3.75

-

-

-

17.58

8/19/2014

Bahl & Gaynor Small Cap Growth

4824

GBSYX

1.72

1.09¥

1.03

-

-

-

8.38

7/15/2014

Balanced

2285

ACBYX

0.68

0.68>

2.09

9.86

12.63

11.51

6.83

3/01/2010

Instl 7/17/87

Bridgeway Large Cap Value

3420

BWLYX

0.94

0.95Φ

2.52

16.59

20.96

17.19

9.03

2/03/2012

Instl 10/31/03

Crescent Short Duration High Income

4829

ACHYX

1.65

0.96Δ

2.32

-

-

-

0.34

10/01/2014

Earnest Partners Emerging Markets Equity**

4804

ABEGX

2.16

1.46±

1.60

3.13

-

-

-2.92

9/19/2013

Emerging Markets**

2288

ACEYX

1.55

1.46Ω

2.38

2.03

-0.79

2.43

6.58

3/01/2010

Instl 7/31/00

Flexible Bond

2210

AFXYX

1.30

1.00±

1.23

2.03

2.48

-

2.96

7/05/2011

Global Evolution Frontier Markets Income**

3869

AGEYX

1.95

1.26£

0.98

4.53

-

-

3.98

2/25/2014

High Yield Bond**

2289

ACYYX

0.94

0.95Ω

2.94

-0.49

6.30

7.84

6.12

3/01/2010

Instl 12/29/00

Holland Large Cap Growth

3435

LHGYX

0.97

0.99Φ

5.39

10.58

14.95

15.07

7.72

3/23/2012

Inv 4/29/96, Instl 3/1/10

Intermediate Bond

2294

ACTYX

0.71

0.66Ω

1.17

4.21

2.49

3.82

4.75

3/01/2010

Instl 9/15/97

International Equity

2291

ABEYX

0.83

0.83>

6.30

-2.50

10.35

8.20

5.02

8/03/2009

Instl 8/7/91

Large Cap Value

2290

ABLYX

0.68

0.68>

2.11

11.87

17.86

14.98

7.56

8/03/2009

Instl 7/17/87

Mid-Cap Value

2287

ACMYX

1.00

1.00Ω

3.37

10.67

18.75

16.85

9.19

3/01/2010

AMR 6/30/04, Instl 11/30/05

Retirement Income and Appreciation

2293

ACRYX

0.91

0.81Ω

1.62

4.23

4.68

5.35

5.14

3/01/2010

Inv 6/30/03

SGA Global Growth

4814

SGAYX

5.28

1.09£

5.01

6.65

9.56

-

10.61

10/04/2013

Instl 12/31/10

Short-Term Bond

2295

ACOYX

0.73

0.65Ω

0.24

0.18

0.92

1.24

2.73

3/01/2010

Instl 12/3/87

SiM High Yield Opportunities**

2299

SHOYX

0.94

0.94±

2.97

4.10

9.10

-

8.25

2/14/2011

Small Cap Value

2292

ABSYX

0.90

0.90>

1.69

6.30

16.18

15.38

8.19

8/03/2009

Instl 12/31/98

Small Cap Value II

2211

ABBYX

2.01

1.10‡

1.48

5.85

14.14

-

15.70

11/15/2011

Stephens Mid-Cap Growth

3425

SMFYX

1.14

1.09Φ

5.36

5.02

14.35

16.65

8.07

2/24/2012

Inv 2/1/06

Stephens Small Cap Growth

3430

SPWYX

1.21

1.21Φ

2.96

-1.81

13.69

16.52

8.26

2/24/2012

Inv 12/1/05

The London Company Income Equity

3864

ABCYX

0.90

0.90±

3.61

20.61

-

-

19.42

5/29/2012

Treasury Inflation Protected Securities

2296

ACUYX

0.63

0.61Φ

1.55

0.22

-0.59

2.45

3.59

3/01/2010

Instl 6/30/04

Zebra Global Equity

2283

AZLYX

2.51

0.90±

3.08

7.64

12.66

-

13.59

6/01/2010

Zebra Small Cap Equity

2284

AZSYX

1.66

1.10±

0.88

7.72

16.09

-

16.21

6/01/2010

A

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Acadian Emerging Markets Managed Volatility**

4807

ACDAX

2.41

1.76£

2.55

6.81

-

-

4.04

9/27/2013

AHL Managed Futures Strategy

4817

AHLAX

2.69

1.95¥

3.66

-

-

-

17.38

8/19/2014

Bahl & Gaynor Small Cap Growth

4822

GBSAX

2.02

1.39¥

1.03

-

-

-

8.18

7/15/2014

Balanced

1509

ABFAX

0.97

0.97Ω

1.97

9.43

12.22

11.12

6.51

5/17/2010

Inv 8/1/94

Bridgeway Large Cap Value

3418

BWLAX

1.29

1.25Φ

2.49

16.22

20.50

16.93

8.90

2/03/2012

Instl 10/31/03

Crescent Short Duration High Income

4827

ACHAX

1.95

1.26Δ

2.27

-

-

-

0.22

10/01/2014

Earnest Partners Emerging Markets Equity**

4802

ABEAX

2.46

1.76±

1.50

2.81

-

-

-3.27

9/19/2013

Emerging Markets**

1515

AEMAX

1.76

1.80Ω

2.34

1.88

-1.08

2.13

6.26

5/17/2010

Inv 10/1/02

Flexible Bond

1540

AFXAX

1.69

1.30±

1.18

1.74

2.12

-

2.60

7/05/2011

Global Evolution Frontier Markets Income**

3867

AGUAX

2.25

1.56£

0.93

4.16

-

-

3.61

2/25/2014

High Yield Bond**

1516

ABHAX

1.24

1.03Ω

3.05

-0.78

6.10

7.78

5.96

5/17/2010

Inv 3/1/02

Holland Large Cap Growth

3433

LHGAX

1.30

1.29Φ

5.36

10.33

14.59

14.77

7.57

2/01/2010

Inv 4/29/96

Intermediate Bond

1519

AITAX

1.00

0.90Ω

1.23

3.99

2.21

3.41

4.49

5/17/2010

Instl 9/15/97, Inv 3/2/09

International Equity

1525

AIEAX

1.09

1.09Ω

6.24

-2.81

9.92

7.80

4.68

5/17/2010

Inv 8/1/94

Large Cap Value

1510

ALVAX

0.98

0.98>

2.05

11.48

17.38

14.52

7.21

5/17/2010

Inv 8/1/94

Mid-Cap Value

1517

ABMAX

1.29

1.29Ω

3.28

10.28

18.26

16.34

8.83

5/17/2010

AMR 6/30/04, Instl 11/30/05, Inv 2/28/06

Retirement Income and Appreciation

1521

AAPAX

1.21

1.05Ω

1.66

3.98

4.39

5.08

5.00

5/17/2010

Inv 6/30/03

SGA Global Growth

4812

SGAAX

5.58

1.39£

4.88

6.30

9.39

-

10.49

10/04/2013

Instl 12/31/10

Short-Term Bond

1520

ANSAX

1.05

0.76Ω

0.11

-0.08

0.63

0.90

2.33

5/17/2010

Inv 8/1/94

SiM High Yield Opportunities**

1539

SHOAX

1.33

1.24±

3.02

3.86

8.72

-

7.87

2/14/2011

Small Cap Value

1513

ABSAX

1.23

1.21Ω

1.67

5.98

15.74

14.93

7.86

5/17/2010

Inv 2/28/99

Stephens Mid-Cap Growth

3423

SMFAX

1.46

1.39Φ

5.31

4.64

13.91

16.38

7.93

2/24/2012

Inv 2/1/06

Stephens Small Cap Growth

3428

SPWAX

1.49

1.51Φ

3.01

-2.09

13.24

16.24

8.13

2/24/2012

Inv 12/1/05

The London Company Income Equity

3862

ABCAX

1.29

1.20±

3.58

20.20

-

-

18.96

5/29/2012

Treasury Inflation Protected Securities

1518

ATSAX

0.96

0.90Φ

1.47

-0.06

-0.94

2.08

3.36

5/17/2010

Instl 6/30/04, Inv 3/2/09

Zebra Global Equity

1523

AZLAX

3.03

1.20±

3.08

7.46

12.31

-

13.17

6/01/2010

Zebra Small Cap Equity

1524

AZSAX

2.06

1.40±

0.82

7.43

15.66

-

15.77

6/01/2010

Select

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Money Market Select Fund

1201

ASRXX

0.13

0.13>

0.01

0.08

0.12

0.14

1.69

12/31/1999

U.S. Government Money Market

1901

AAOXX

0.14

0.14>

0.00

0.01

0.04

0.06

1.57

12/01/2001

C

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Acadian Emerging Markets Managed Volatility**

4808

ACDCX

3.16

2.51£

2.37

6.07

-

-

3.24

9/27/2013

AHL Managed Futures Strategy

4818

AHLCX

3.44

2.70¥

3.49

-

-

-

16.87

8/19/2014

Bahl & Gaynor Small Cap Growth

4823

GBSCX

2.77

2.14¥

0.94

-

-

-

7.68

7/15/2014

Balanced

3740

ABCCX

1.73

1.73>

1.88

8.67

11.41

10.36

6.14

9/01/2010

Inv 8/1/94

Bridgeway Large Cap Value

3419

BWLCX

2.04

2.00Φ

2.36

15.32

19.68

16.43

8.67

2/03/2012

Instl 10/31/03

Crescent Short Duration High Income

4828

ACHCX

2.70

2.01Δ

2.15

-

-

-

-0.09

10/01/2014

Earnest Partners Emerging Markets Equity**

4803

ABETX

3.21

2.51±

1.40

2.06

-

-

-3.98

9/19/2013

Emerging Markets**

3745

AEMCX

2.50

2.55Ω

2.27

1.24

-1.80

1.46

5.91

9/01/2010

Inv 10/1/02

Flexible Bond

3765

AFXCX

2.44

2.05±

1.05

0.99

1.34

-

2.01

7/05/2011

Global Evolution Frontier Markets Income**

3868

AGECX

3.00

2.31£

0.82

3.16

-

-

2.63

2/25/2014

High Yield Bond**

3746

AHBCX

2.00

1.78Ω

2.93

-1.52

5.32

6.99

5.57

9/01/2010

Inv 3/1/02

Holland Large Cap Growth

3434

LHGCX

2.05

2.04Φ

5.25

9.50

13.74

14.25

7.33

3/23/2012

Inv 4/29/96, A 2/1/10

Intermediate Bond

3749

AIBCX

1.78

1.65Ω

1.02

3.10

1.41

2.72

4.14

9/01/2010

Instl 9/15/97, Inv 3/2/09

International Equity

3742

AILCX

1.84

1.84Ω

6.10

-3.55

9.14

7.04

4.31

9/01/2010

Inv 8/1/94

Large Cap Value

3741

ALVCX

1.73

1.73>

1.92

10.63

16.45

13.72

6.83

9/01/2010

Inv 8/1/94

Mid-Cap Value

3747

AMCCX

2.08

2.08Ω

3.21

9.47

17.39

15.58

8.47

9/01/2010

AMR 6/30/04, Instl 11/30/05, Inv 2/28/06

Retirement Income and Appreciation

3751

ABACX

1.96

1.87Ω

1.53

3.09

3.52

4.29

4.61

9/01/2010

Inv 6/30/03

SGA Global Growth

4813

SGACX

6.33

2.14£

4.79

5.43

8.99

-

10.19

10/04/2013

Instl 12/31/10

Short-Term Bond

3750

ATBCX

1.78

1.51Ω

0.12

-0.65

-0.10

0.26

2.01

9/01/2010

Inv 8/1/94

SiM High Yield Opportunities**

3764

SHOCX

2.08

1.99±

2.89

3.09

7.93

-

7.11

2/14/2011

Small Cap Value

3743

ASVCX

1.98

1.98Ω

1.50

5.12

14.86

14.13

7.48

9/01/2010

Inv 2/28/99

Stephens Mid-Cap Growth

3424

SMFCX

2.18

2.14Φ

5.19

3.87

13.09

15.88

7.67

2/24/2012

Inv 2/1/06

Stephens Small Cap Growth

3429

SPWCX

2.25

2.26Φ

2.82

-2.89

12.39

15.72

7.86

2/24/2012

Inv 12/1/05

The London Company Income Equity

3863

ABECX

2.30

1.95±

3.41

19.28

-

-

18.06

5/29/2012

Treasury Inflation Protected Securities

3748

ATSCX

1.69

1.68Φ

1.41

-0.79

-1.70

1.39

3.01

9/01/2010

Instl 6/30/04, Inv 3/2/09

Zebra Global Equity

3753

AZLCX

3.72

1.95±

2.94

6.55

11.44

-

12.36

9/01/2010

Inv 6/1/10

Zebra Small Cap Equity

3754

AZSCX

2.82

2.15±

0.70

6.63

14.78

-

14.94

9/01/2010

Inv 6/1/10

*Not Annualized. **Redemption fee (2%, 90-day holding
period).

Performance shown is historical and is not indicative of
future returns. Investment returns and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost. Performance shown is as of date indicated, and
current performance may be lower or higher than the performance data quoted. To
obtain performance as of the most recent month end, please call 800-967-9009 or
visit americanbeaconfunds.com.

Important
Information: Please note that the recent growth rate in the stock market
has helped to produce short-term returns that are not typical and may not
continue in the future.

Maximum Sales Charge is the maximum front-end sales charge
(load) imposed on purchases (as a % offering price). Maximum deferred sales
charges: A Class – 0.50%. A contingent deferred sales charge (“CDSC”) of 0.50%
will be charged on certain purchases of $1,000,000 or more of A Class shares
that are redeemed in whole or part within 18 months of purchase.

Class C shares may be subject to a contingent deferred sales
charge of up to 1% on certain redemptions made within 12 months of purchase.
Performance presented at NAV, which does not include these sales charges, would
be lower if these charges were reflected.

Maximum Sales Charge is 2.50% for the following Funds:
Retirement Income and Appreciation Fund and Short-Term Bond Fund.

An investment in the American Beacon Money Market Select and American Beacon U.S. Government Money Market Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

EXPENSE RATIOS ASSOCIATED WITH THE FUNDS:

¥The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through April 29, 2016.‡American Beacon Advisors has contractually agreed to waive and/or reimburse the Y and Investor Classes of the Fund for other expenses through February 28, 2016.§The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2015.£The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through May 30, 2015.±The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2015.ΔThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through May 29, 2016.∞The fees and expenses shown in the table include both the expenses of the Fund and the Fund's share of the allocated expenses of the Portfolio of State Street Master Funds.ΩThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through February 28, 2016.ΦThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through April 30, 2015.

RISKS ASSOCIATED WITH THE FUNDS:Concentrated Holdings
Risk (applies to Holland Large Cap Growth, SGA Global Growth and The London
Company Income Equity Funds): Because the Fund may invest in fewer companies
than a more diversified portfolio, the fluctuating value of a single holding
may have a greater impact on the value of the Fund.

Credit Risk (applies to Balanced, High Yield Bond, Intermediate Bond, Retirement Income
& Appreciation, Short-Term Bond, The London Company Income Equity and
Treasury Inflation Protected Securities Funds): Credit risk is the risk that
the issuer of a bond will fail to make timely payment of interest or principal;
and the decline in an issuer's credit rating can cause the price of its bonds
to go down.

Deflation Risk (applies to Treasury Inflation Protected Securities Fund): In a period of
sustained deflation, the inflation-indexed securities may not pay any income
and may suffer a loss.

Derivatives Risk (applies to S&P 500 Index Fund): The Fund invests in derivatives, which may
involve certain costs and risks such as liquidity, interest rate, market,
credit, management and the risk that a position could not be closed when more
advantageous. Investing in derivatives could result in losing more than the
amount invested.

Dividend Risk (applies to The London Company Income Equity Fund): Investing in dividend-paying
stocks entails dividend risk, which is the risk that a stock may not experience
the same level of earnings growth or capital appreciation as non-dividend
paying stocks.

Interest Rate Risk (applies to Balanced, High Yield Bond, Intermediate Bond, Retirement Income &
Appreciation, Short-Term Bond, The London Company Income Equity and Treasury
Inflation Protected Securities Funds): Investing in fixed-income securities
entails interest rate risk, which is the risk that fixed-income securities will
decrease in value with increases in market interest rates.

Flexible Bond Fund
Risk: Because the Fund has a flexible approach to investing, the risks of
the Fund are likewise varied. The primary risks fall into one of several broad
categories including high yield securities risk, credit risk, foreign
investment risk, derivatives risk, interest rate risk and non-diversification
risk. Investing in foreign denominated and/or domiciled securities may involve
heightened risk due to currency fluctuations, and economic and political risks,
which may be enhanced in emerging markets. Mortgage and asset-backed securities
may be sensitive to changes in interest rates, subject to early repayment risk
and their value may fluctuate in response to the market’s perception of issuer
creditworthiness; while generally supported by some form of government or
private guarantee there is no assurance that private guarantors will meet their
obligations. Income from municipal bonds may be subject to state and local
taxes and at times the alternative minimum tax. Derivatives may involve certain
costs and risks such as liquidity, interest rate, market, credit, management
and the risk that a position could not be closed when more advantageous.
Investing in derivatives could result in losing more than the amount invested.
Diversification does not ensure against loss. Investing in debt securities
entails interest rate risk, which is the risk that debt securities will
decrease in value with increases in market interest rates. Bonds and bond funds
with longer durations tend to be more sensitive and more volatile than securities
with shorter durations; bond prices generally fall as interest rates rise.

Futures Risk (applies to Acadian Emerging Markets Managed Volatility, Balanced, Bridgeway Large
Cap Value, Earnest Partners Emerging Markets Equity, Emerging Markets, Holland
Large Cap Growth, International Equity, Large Cap Value, Mid-Cap Value, SGA
Global Growth, Small Cap Value, Stephens Mid-Cap Growth, Stephens Small Cap
Growth, The London Company Income Equity, Zebra Global Equity and Zebra Small
Cap Equity Funds): The Fund may invest in futures contracts, which are a type
of derivative investment. Investing in derivatives could result in losing more
than the amount invested.

Global Evolution Risk (applies to Global Evolution Frontier Markets Income Fund): Investing in
fixed-income securities entails interest rate risk, which is the risk that
fixed-income securities will decrease in value with increases in market
interest rates. Frontier market debt may be particularly sensitive to interest
rate fluctuations. Credit risk is the risk that the issuer of a bond will fail
to make timely payment of interest or principal. Emerging and frontier market
countries have experienced difficulty in servicing their sovereign debt on a
timely basis, which has led to defaults and the restructuring of indebtedness.
The decline in an issuer's credit rating can cause the price of its bonds to go
down. Investing in foreign securities entails additional risk not associated
with domestic securities, such as currency fluctuations, economic and political
instability and differences in accounting standards. The risks of investing in
foreign securities are magnified when investing in emerging and frontier
markets. Frontier market countries generally have smaller economies and less
developed capital markets or legal, regulatory and political systems than
traditional emerging market countries. It may be particularly difficult to
enforce the rights of debt holders in frontier and emerging markets.
Derivatives may involve certain costs and risks such as liquidity, interest
rate, market, credit/counterparty, management and the risk that a position
could not be closed when more advantageous. The Fund may invest significantly
in a derivative type called a credit-linked note, which is a debt obligation
the performance of which is tied to underlying sovereign debt. Investing in
derivatives could result in losing more than the amount invested. Because the
Fund may invest in fewer issuers than a more diversified portfolio, the
fluctuating value of a single holding may have a greater impact on the value of
the Fund.

High Yield Risk (applies to High Yield Bond Fund): Investing in high yield securities involves
additional risks when compared to investing in investment-grade securities. These
include a greater risk of default or bankruptcy and an increased sensitivity to
financial difficulties or changes in interest rates.

Limited Marketability
Risk (applies to Zebra Global Equity and Zebra Small Cap Equity Funds): At
times, certain securities may have limited marketability and may be difficult
to sell.

Managed Volatility
Risk (applies to Acadian Emerging Markets Managed Volatility Fund): The
Fund may produce more modest gains than other stock funds as a trade-off for
the potentially lower downside risk from investments in lower volatility securities.

Securities Lending
Risk (applies to International Equity, International Equity Index, Small
Cap Value, Stephens Small Cap Growth, Zebra Global Equity and Zebra Small Cap
Equity Funds): The Fund may participate in a securities lending program.

SiM High Yield
Opportunities Fund Risk: This Fund typically invests in a variety of
domestic and foreign high yield, high risk securities. Investing in high-yield
securities involves additional risks when compared to investing in
investment-grade securities. These include a greater risk of default or
bankruptcy and an increased sensitivity to financial difficulties or changes in
interest rates. These risks are enhanced through the use of derivative
securities, foreign and emerging markets securities.

Small and
Mid-Capitalization Risk (applies to Balanced, Earnest Partners Emerging
Markets Equity, High Yield Bond, Mid-Cap Value, Small Cap Index, Small Cap
Value, Stephens Mid-Cap Growth, Stephens Small Cap Growth, The London Company Income
Equity and Zebra Small Cap Equity Funds): The Fund invests in small and/or
mid-sized companies, which involves additional risks such as limited liquidity
and greater volatility than larger companies.

U.S. Government
Securities Risk (applies to Treasury Inflation Protected Securities Fund):
A security backed by the U.S. Treasury is guaranteed only as to the timely
payment of interest and principal when held to maturity. The market prices for
such securities are not guaranteed and will fluctuate. They are also subject to
credit risk and interest rate risk.

Value Risk (applies to Balanced, Bridgeway Large Cap Value, International Equity, Large
Cap Value, Mid-Cap Value and Small Cap Value Funds): The intrinsic value of
stocks selected for the Fund may never be realized by the market, and the
prices of value stocks may go down. While investing in value stocks may limit
downside risk over time, the Fund may produce more modest gains than riskier
stock funds as a trade-off for this potentially lower risk.

Zebra Global Equity
Fund Risk: The Fund’s investments in equity securities may include large
and mid-cap U.S. and non- U.S. common stocks, preferred stocks, securities
convertible into or exchangeable for common stocks, REITs, ADRs and MLPs.

Please see the prospectus for a complete discussion of the
Funds’ risks. There can be no assurances that the investment objectives of the
Fund(s) will be met.

Performance
associated with the INSTITUTIONAL Class Funds: A portion of the fees charged to the Institutional Class
of the Bridgeway Large Cap Value Fund was waived since 2008. Performance prior to waiving fees was lower than the
actual returns shown since 2008. A portion of the fees charged to the
Institutional Class of the Emerging
Markets Fund was waived since 2010. Performance prior to waiving fees was
lower than the actual returns shown since 2010. A portion of the fees charged
to the Institutional Class of the High
Yield Bond Fund was waived in 2004 and 2013. Performance prior to waiving
fees was lower than the actual returns shown in 2004 and 2013. A portion of the
fees charged to the Institutional Class of the Holland Large Cap Growth Fund was waived from 2010 through 2012 and
partially recouped in 2013. Performance prior to waiving fees was lower than
the actual returns shown from 2010 through 2012. A portion of the fees charged
to the Institutional Class of the International
Equity Fund was waived in 2013. Performance prior to waiving fees was lower
than the actual returns shown in 2013. A portion of the fees charged to the
Institutional Class of the Mid-Cap Value
Fund was waived since 2007. Performance prior to waiving fees was lower
than the actual returns since 2007. A portion of the fees charged to the
Institutional Class of the SiM High
Yield Opportunities Fund was waived since 2011. Performance prior to
waiving fees was lower than the actual returns shown since 2011. A portion of
the fees charged to the Institutional Class of the Stephens Mid-Cap Growth and Stephens Small Cap Growth Funds was waived since 2006.Performance prior to waiving fees was lower than the
actual returns shown since 2006. A portion of the fees charged to the
Institutional Class of the Treasury
Inflation Protected Securities Fund was waived since 2005.Performance prior to waiving fees was lower than the
actual returns shown since 2005.

Performance
associated with the INVESTOR Class Funds: A portion of the fees charged to the Investor Class of
the Bridgeway Large Cap Value Fund was waived in 2012 and partially recouped in 2013. Performance prior to waiving
fees was lower than the actual returns shown in 2012. A portion of the fees
charged to the Investor Class of the Emerging
Markets Fund was waived since 2010. Performance prior to waiving fees was
lower than the actual returns shown since 2010. A portion of the fees charged
to the Investor Class of the High Yield
Bond Fund was waived since 2013. Performance prior to waiving fees was
lower than the actual returns shown since 2013. A portion of the fees charged
to the Investor Class of the Holland
Large Cap Growth Fund was waived from 2002 through 2012 and partially
recouped in 2013. Performance prior to waiving fees was lower than the actual
returns shown from 2002 through 2012. A portion of the fees charged to the
Investor Class of the Intermediate Bond and Treasury Inflation Protected Securities
Funds was waived since 2009. Performance prior to waiving fees was lower
than the actual returns shown since 2009. A portion of the fees charged to the
Investor Class of the Mid-Cap Value and Stephens Mid-Cap Growth Funds was
waived since 2006. Performance prior to waiving fees was lower than the actual
returns since 2006. A portion of the fees charged to the Investor Class of the Short-Term Bond and Stephens Small Cap Growth Funds was waived since 2005. Performance
prior to waiving fees was lower than the actual returns shown since 2005. A
portion of the fees charged to the Investor Class of the SiM High Yield Opportunities Fund was waived in 2011 and 2012 and
partially recouped in 2013. Performance prior to waiving fees was lower than
the actual returns shown in 2011 and 2012.

Performance
associated with the ADVISOR Class Funds: A portion of the fees charged to the Advisor Classof the Balanced Fund was waived in 2005. Performance prior to waiving fees
was lower than the actual returns shown since 2005. A portion of the fees
charged to the Advisor Class of the International
Equity Fund was waived from 2006 through 2007 and in 2009. Performance
prior to waiving fees was lower than the actual returns shown for these
periods. A portion of the fees charged to the Advisor Class of the Large Cap Value Fund was waived in 2005
and 2009. Performance prior to waiving fees was lower than the actual returns
shown these periods. A portion of the fees charged to the Advisor Class of the Mid-Cap Value Fund was waived since
2007. Performance prior to waiving fees was lower than the actual returns since
2007. A portion of the fees charged to the Advisor Class of the Small Cap Value Fund was waived through
2004 and in 2009.Performance prior to waiving fees was lower than the actual
returns shown through 2004 and in 2009.

Performance
associated with the RETIREMENT Class Funds:A portion of the fees charged to the Retirement Class
of the International Equity Fund was
waived from 2010 through 2012 and partially recouped in 2013. Performance prior
to waiving fees was lower than the actual returns shown from 2010 through 2012.

Performance associated with
the Y CLASS Funds: A portion of the fees charged to the Y Class of the Balanced Fund was waived in 2011 and partially recouped in 2013.
Performance prior to waiving fees was lower than the actual returns shown in
2011. A portion of the fees charged to the Y Class of the Bridgeway Large Cap Value and Holland Large Cap Growth Funds was waived in 2012 and partially recouped in
2013. Performance prior to waiving fees was lower than the actual returns shown
in 2012. A portion of the fees charged to the Y Class of the Emerging Markets, Intermediate Bond,
Mid-Cap Value and Short-Term Bond
Funds was waived since 2010. Performance prior to waiving fees was lower
than the actual returns shown since 2010. A portion of the fees charged to the
Y Class of the High Yield Bond,
Retirement Income and Appreciation, SiM High Yield Opportunities and Treasury Inflation Protected Securities
Funds was waived since 2011. Performance prior to waiving fees was lower
than the actual returns shown since 2011. A portion of the fees charged to the
Y Class of the Stephens Mid-Cap Growth and Stephens Small Cap Growth Funds was
waived since 2012.Performance prior to waiving
fees was lower than the actual returns shown since 2012.

Performance
associated with the A CLASS Funds: A portion of the fees charged to the A
Class of the Balanced Fund was
waived in 2011 and 2012. Performance prior to waiving fees was lower than the
actual returns shown in 2011 and 2012. A portion of the fees charged to the A
Class of the Bridgeway Large Cap Value, Small Cap Value and Stephens Mid-Cap Growth Funds was waived
since 2012. Performance prior to waiving fees was lower than the actual returns
shown since 2012. A portion of the fees charged to the A Class of the Emerging Markets, High Yield Bond, Holland
Large Cap Growth, Intermediate Bond, Retirement Income and Appreciation and Short-Term Bond Funds was waived
since 2010. Performance prior to waiving fees was lower than the actual returns
shown since 2010. A portion of the fees charged to the A Class of the International Equity and Mid-Cap Value Funds was waived from
2010 through 2012 and partially recouped in 2013. Performance prior to waiving
fees was lower than the actual returns shown from 2010 through 2012. A portion
of the fees charged to the A Class of the SiM
High Yield Opportunities and Treasury
Inflation Protected Securities Funds was waived since 2011. Performance
prior to waiving fees was lower than the actual returns shown since 2011. A
portion of the fees charged to the A Class of the Stephens Small Cap Growth Fund was waived in 2012 and partially recouped
in 2013. Performance prior to waiving fees was lower than the actual returns
shown in 2012.

Performance associated with the C CLASS
Funds: A portion
of the fees charged to the C Class of the Balanced,
International Equity and Large Cap
Value Funds was waived from 2010 through 2012 and partially recouped in
2013. Performance prior to waiving fees was lower than the actual returns shown
from 2010 through 2012. A portion of the fees charged to the C Class of the Bridgeway Large Cap Value, Holland Large
Cap Growth and Stephens Mid-Cap
Growth Funds was waived since 2012. Performance prior to waiving fees was
lower than the actual returns shown since 2012. A portion of the fees charged
to the C Class of the Emerging Markets,
High Yield Bond, Intermediate Bond, Mid-Cap Value, Retirement Income and
Appreciation and Short-Term Bond
Funds was waived since 2010. Performance prior to waiving fees was lower
than the actual returns shown since 2010. A portion of the fees charged to the C
Class of the High Yield Bond Fund was waived since 2010. Performance prior to waiving fees was lower than the
actual returns shown since 2010. A portion of the fees charged to the C Class
of the SiM High Yield Opportunities and Treasury Inflation Protected
Securities Funds was waived since 2011. Performance prior to waiving fees
was lower than the actual returns shown since 2011. A portion of the fees
charged to the C Classof the Small Cap Value Fund was waived in 2010
and since 2012. Performance prior to waiving fees was lower than the actual
returns shown in 2010 and since 2012. A portion of the fees charged to the C
Class of the Stephens Small Cap Growth
Fund was waived in 2012 and partially recouped in 2013. Performance prior
to waiving fees was lower than the actual returns shown since in 2012.

Performance
associated with each class of the Funds: A portion of the fees charged to each Class of the Acadian Emerging Markets Managed
Volatility, Earnest Partners Emerging Markets Equity, Global Evolution Frontier
Markets Income, SGA Global Growth, Small Cap Value II, The London Company
Income Equity, Zebra Global Equity and Zebra Small Cap Equity Funds has been waived since inception. Performance
prior to waiving fees was lower than the actual returns shown since inception.
A portion of the fees charged to each Class of the Flexible Bond Fund was waived since 2011. Performance prior to
waiving fees was lower than the actual returns shown since 2011. A portion of
the fees charged to the U.S. Government
Money Market Select Fund has been waived. Performance prior to waiving fees
was lower than the actual returns shown.

Performance for
classes with an Inception Date within 10 Years / Since Inception: For any
Class of a Fund that began operating within the ten-year/since inception period
shown, the performance shown prior to the inception date of the Class is that
of a class (or series of classes) previously in operation. The combined returns
have not been adjusted for any difference between the fees and expenses of the
Class and the historical fees and expenses of the included previous class (or
classes). If the previous class(es) had lower expenses, the resulting
performance would be better than the Class would have realized during the same
period. If the previous class(es) had higher expenses, the resulting
performance would be lower than the Class would have realized during the same
period. Specific information about any Fund may be found at
americanbeaconfunds.com or in the prospectus.

S&P is a trademark of The McGraw-Hill Companies, Inc.
and has been licensed for use. “Standard and Poor’s®,” “S&P®,” “Standard
& Poor’s 500,” “S&P 500®” and “500” are all trademarks of The
McGraw-Hill Companies, Inc. and have been licensed for use by State Street Bank
and Trust Company. The S&P 500 Index Fund is not sponsored, sold or
promoted by Standard & Poor’s, and Standard & Poor’s makes no
representation regarding the advisability of investing in this Fund.

A

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Acadian Emerging Markets Managed Volatility**

4807

ACDAX

2.41

1.76£

-3.33

0.71

-

-

-0.20

9/27/2013

AHL Managed Futures Strategy

4817

AHLAX

2.69

1.95¥

-2.33

-

-

-

10.63

8/19/2014

Bahl & Gaynor Small Cap Growth

4822

GBSAX

2.02

1.39¥

-4.76

-

-

-

1.96

7/15/2014

Balanced

1509

ABFAX

0.97

0.97Ω

-3.90

3.16

10.02

9.81

5.88

5/17/2010

Inv 8/1/94

Bridgeway Large Cap Value

3418

BWLAX

1.29

1.25Φ

-3.39

9.53

18.16

15.55

8.26

2/03/2012

Instl 10/31/03

Crescent Short Duration High Income

4827

ACHAX

1.95

1.26Δ

-0.30

-

-

-

-2.32

10/01/2014

Earnest Partners Emerging Markets Equity**

4802

ABEAX

2.46

1.76±

-4.34

-3.14

-

-

-7.16

9/19/2013

Emerging Markets**

1515

AEMAX

1.76

1.80Ω

-3.50

-3.98

-3.00

0.92

5.64

5/17/2010

Inv 10/1/02

Flexible Bond

1540

AFXAX

1.69

1.30±

-3.66

-3.13

0.49

-

1.24

7/05/2011

Global Evolution Frontier Markets Income**

3867

AGUAX

2.25

1.56£

-3.88

-0.83

-

-

-1.29

2/25/2014

High Yield Bond**

1516

ABHAX

1.24

1.03Ω

-1.79

-5.48

4.38

6.74

5.44

5/17/2010

Inv 3/1/02

Holland Large Cap Growth

3433

LHGAX

1.30

1.29Φ

-0.70

4.00

12.35

13.41

6.94

2/01/2010

Inv 4/29/96

Intermediate Bond

1519

AITAX

1.00

0.90Ω

-3.60

-0.93

0.56

2.42

3.98

5/17/2010

Instl 9/15/97, Inv 3/2/09

International Equity

1525

AIEAX

1.09

1.09Ω

0.15

-8.40

7.77

6.53

4.06

5/17/2010

Inv 8/1/94

Large Cap Value

1510

ALVAX

0.98

0.98>

-3.80

5.07

15.09

13.17

6.58

5/17/2010

Inv 8/1/94

Mid-Cap Value

1517

ABMAX

1.29

1.29Ω

-2.63

3.92

15.96

14.97

8.19

5/17/2010

AMR 6/30/04, Instl 11/30/05, Inv 2/28/06

Retirement Income and Appreciation

1521

AAPAX

1.21

1.05Ω

-1.33

0.93

3.52

4.07

4.50

5/17/2010

Inv 6/30/03

SGA Global Growth

4812

SGAAX

5.58

1.39£

-1.12

0.17

7.24

-

8.92

10/04/2013

Instl 12/31/10

Short-Term Bond

1520

ANSAX

1.05

0.76Ω

-2.38

-2.54

-0.21

0.38

2.07

5/17/2010

Inv 8/1/94

SiM High Yield Opportunities**

1539

SHOAX

1.33

1.24±

-1.84

-1.03

6.97

-

6.57

2/14/2011

Small Cap Value

1513

ABSAX

1.23

1.21Ω

-4.17

-0.10

13.49

13.57

7.22

5/17/2010

Inv 2/28/99

Stephens Mid-Cap Growth

3423

SMFAX

1.46

1.39Φ

-0.72

-1.36

11.69

15.01

7.23

2/24/2012

Inv 2/1/06

Stephens Small Cap Growth

3428

SPWAX

1.49

1.51Φ

-2.90

-7.73

11.02

14.88

7.44

2/24/2012

Inv 12/1/05

The London Company Income Equity

3862

ABCAX

1.29

1.20±

-2.35

13.30

-

-

16.43

5/29/2012

Treasury Inflation Protected Securities

1518

ATSAX

0.96

0.90Φ

-3.35

-4.82

-2.55

1.09

2.86

5/17/2010

Instl 6/30/04, Inv 3/2/09

Zebra Global Equity

1523

AZLAX

3.03

1.20±

-2.82

1.27

10.12

-

11.77

6/01/2010

Zebra Small Cap Equity

1524

AZSAX

2.06

1.40±

-5.00

1.29

13.40

-

14.34

6/01/2010

C

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Acadian Emerging Markets Managed Volatility**

4808

ACDCX

3.16

2.51£

1.37

5.07

-

-

3.24

9/27/2013

AHL Managed Futures Strategy

4818

AHLCX

3.44

2.70¥

2.49

-

-

-

15.87

8/19/2014

Bahl & Gaynor Small Cap Growth

4823

GBSCX

2.77

2.14¥

-0.06

-

-

-

6.68

7/15/2014

Balanced

3740

ABCCX

1.73

1.73>

0.88

7.67

11.41

10.36

6.14

9/01/2010

Inv 8/1/94

Bridgeway Large Cap Value

3419

BWLCX

2.04

2.00Φ

1.36

14.32

19.68

16.43

8.67

2/03/2012

Instl 10/31/03

Crescent Short Duration High Income

4828

ACHCX

2.70

2.01Δ

1.15

-

-

-

-1.09

10/01/2014

Earnest Partners Emerging Markets Equity**

4803

ABETX

3.21

2.51±

0.40

1.06

-

-

-3.98

9/19/2013

Emerging Markets**

3745

AEMCX

2.50

2.55Ω

1.27

0.24

-1.80

1.46

5.91

9/01/2010

Inv 10/1/02

Flexible Bond

3765

AFXCX

2.44

2.05±

0.05

-0.01

1.34

-

2.01

7/05/2011

Global Evolution Frontier Markets Income**

3868

AGECX

3.00

2.31£

-0.18

2.16

-

-

2.63

2/25/2014

High Yield Bond**

3746

AHBCX

2.00

1.78Ω

1.93

-2.52

5.32

6.99

5.57

9/01/2010

Inv 3/1/02

Holland Large Cap Growth

3434

LHGCX

2.05

2.04Φ

4.25

8.50

13.74

14.25

7.33

3/23/2012

Inv 4/29/96, A 2/1/10

Intermediate Bond

3749

AIBCX

1.78

1.65Ω

0.02

2.10

1.41

2.72

4.14

9/01/2010

Instl 9/15/97, Inv 3/2/09

International Equity

3742

AILCX

1.84

1.84Ω

5.10

-4.55

9.14

7.04

4.31

9/01/2010

Inv 8/1/94

Large Cap Value

3741

ALVCX

1.73

1.73>

0.92

9.63

16.45

13.72

6.83

9/01/2010

Inv 8/1/94

Mid-Cap Value

3747

AMCCX

2.08

2.08Ω

2.21

8.47

17.39

15.58

8.47

9/01/2010

AMR 6/30/04, Instl 11/30/05, Inv 2/28/06

Retirement Income and Appreciation

3751

ABACX

1.96

1.87Ω

0.53

2.09

3.52

4.29

4.61

9/01/2010

Inv 6/30/03

SGA Global Growth

4813

SGACX

6.33

2.14£

3.79

4.43

8.99

-

10.19

10/04/2013

Instl 12/31/10

Short-Term Bond

3750

ATBCX

1.78

1.51Ω

-0.88

-1.65

-0.10

0.26

2.01

9/01/2010

Inv 8/1/94

SiM High Yield Opportunities**

3764

SHOCX

2.08

1.99±

1.89

2.09

7.93

-

7.11

2/14/2011

Small Cap Value

3743

ASVCX

1.98

1.98Ω

0.50

4.12

14.86

14.13

7.48

9/01/2010

Inv 2/28/99

Stephens Mid-Cap Growth

3424

SMFCX

2.18

2.14Φ

4.19

2.87

13.09

15.88

7.67

2/24/2012

Inv 2/1/06

Stephens Small Cap Growth

3429

SPWCX

2.25

2.26Φ

1.82

-3.89

12.39

15.72

7.86

2/24/2012

Inv 12/1/05

The London Company Income Equity

3863

ABECX

2.30

1.95±

2.41

18.28

-

-

18.06

5/29/2012

Treasury Inflation Protected Securities

3748

ATSCX

1.69

1.68Φ

0.41

-1.79

-1.70

1.39

3.01

9/01/2010

Instl 6/30/04, Inv 3/2/09

Zebra Global Equity

3753

AZLCX

3.72

1.95±

1.94

5.55

11.44

-

12.36

9/01/2010

Inv 6/1/10

Zebra Small Cap Equity

3754

AZSCX

2.82

2.15±

-0.30

5.63

14.78

-

14.94

9/01/2010

Inv 6/1/10

*Not Annualized. **Redemption fee (2%, 90-day holding
period).

Performance shown is historical and is not indicative of
future returns. Investment returns and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost. Performance shown is as of date indicated, and
current performance may be lower or higher than the performance data quoted. To
obtain performance as of the most recent month end, please call 800-967-9009 or
visit americanbeaconfunds.com.

Important Information: Please note that the recent
growth rate in the stock market has helped to produce short-term returns that
are not typical and may not continue in the future.

Maximum Sales Charge is the maximum front-end sales charge
(load) imposed on purchases (as a % offering price). Maximum deferred sales
charges: A Class – 0.50%. A contingent deferred sales charge (“CDSC”) of 0.50%
will be charged on certain purchases of $1,000,000 or more of A Class shares
that are redeemed in whole or part within 18 months of purchase.

Class C shares may be subject to a contingent deferred sales
charge of up to 1% on certain redemptions made within 12 months of purchase.
Performance presented at NAV, which does not include these sales charges, would
be lower if these charges were reflected.

Maximum Sales Charge is 2.50% for the following Funds:
Retirement Income and Appreciation Fund and Short-Term Bond Fund.

An investment in the American Beacon Money Market Select and American Beacon U.S. Government Money Market Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

EXPENSE RATIOS ASSOCIATED WITH THE FUNDS:

¥The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through April 29, 2016.‡American Beacon Advisors has contractually agreed to waive and/or reimburse the Y and Investor Classes of the Fund for other expenses through February 28, 2016.§The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2015.£The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through May 30, 2015.±The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2015.ΔThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through May 29, 2016.∞The fees and expenses shown in the table include both the expenses of the Fund and the Fund's share of the allocated expenses of the Portfolio of State Street Master Funds.ΩThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through February 28, 2016.ΦThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through April 30, 2015.

RISKS ASSOCIATED WITH THE FUNDS:Concentrated Holdings Risk (applies to Holland Large
Cap Growth, SGA Global Growth and The London Company Income Equity Funds):
Because the Fund may invest in fewer companies than a more diversified
portfolio, the fluctuating value of a single holding may have a greater impact
on the value of the Fund.

Credit Risk (applies to Balanced, High Yield Bond,
Intermediate Bond, Retirement Income & Appreciation, Short-Term Bond, The
London Company Income Equity and Treasury Inflation Protected Securities
Funds): Credit risk is the risk that the issuer of a bond will fail to make
timely payment of interest or principal; and the decline in an issuer's credit
rating can cause the price of its bonds to go down.

Deflation Risk (applies to Treasury Inflation Protected
Securities Fund): In a period of sustained deflation, the inflation-indexed
securities may not pay any income and may suffer a loss.

Dividend Risk (applies to The London Company Income
Equity Fund): Investing in dividend-paying stocks entails dividend risk, which
is the risk that a stock may not experience the same level of earnings growth
or capital appreciation as non-dividend paying stocks.

Interest Rate Risk (applies to Balanced, High Yield
Bond, Intermediate Bond, Retirement Income & Appreciation, Short-Term Bond,
The London Company Income Equity and Treasury Inflation Protected Securities
Funds): Investing in fixed-income securities entails interest rate risk, which
is the risk that fixed-income securities will decrease in value with increases
in market interest rates.

Flexible Bond Fund Risk: Because the Fund has a flexible
approach to investing, the risks of the Fund are likewise varied. The primary
risks fall into one of several broad categories including high yield securities
risk, credit risk, foreign investment risk, derivatives risk, interest rate risk
and non-diversification risk. Investing in foreign denominated and/or domiciled
securities may involve heightened risk due to currency fluctuations, and
economic and political risks, which may be enhanced in emerging markets.
Mortgage and asset-backed securities may be sensitive to changes in interest
rates, subject to early repayment risk and their value may fluctuate in response
to the market’s perception of issuer creditworthiness; while generally
supported by some form of government or private guarantee there is no assurance
that private guarantors will meet their obligations. Income from municipal
bonds may be subject to state and local taxes and at times the alternative
minimum tax. Derivatives may involve certain costs and risks such as liquidity,
interest rate, market, credit, management and the risk that a position could
not be closed when more advantageous. Investing in derivatives could result in
losing more than the amount invested. Diversification does not ensure against
loss. Investing in debt securities entails interest rate risk, which is the
risk that debt securities will decrease in value with increases in market interest
rates. Bonds and bond funds with longer durations tend to be more sensitive and
more volatile than securities with shorter durations; bond prices generally fall
as interest rates rise.

Futures Risk (applies to Acadian Emerging Markets
Managed Volatility, Balanced, Bridgeway Large Cap Value, Earnest Partners
Emerging Markets Equity, Emerging Markets, Holland Large Cap Growth,
International Equity, Large Cap Value, Mid-Cap Value, SGA Global Growth, Small Cap
Value, Stephens Mid-Cap Growth, Stephens Small Cap Growth, The London Company Income
Equity, Zebra Global Equity and Zebra Small Cap Equity Funds): The Fund may
invest in futures contracts, which are a type of derivative investment.
Investing in derivatives could result in losing more than the amount invested.

Global Evolution Risk (applies to Global Evolution
Frontier Markets Income Fund): Investing in fixed-income securities entails
interest rate risk, which is the risk that fixed-income securities will
decrease in value with increases in market interest rates. Frontier market debt
may be particularly sensitive to interest rate fluctuations. Credit risk is the
risk that the issuer of a bond will fail to make timely payment of interest or
principal. Emerging and frontier market countries have experienced difficulty
in servicing their sovereign debt on a timely basis, which has led to defaults
and the restructuring of indebtedness. The decline in an issuer's credit rating
can cause the price of its bonds to go down. Investing in foreign securities
entails additional risk not associated with domestic securities, such as
currency fluctuations, economic and political instability and differences in
accounting standards. The risks of investing in foreign securities are
magnified when investing in emerging and frontier markets. Frontier market
countries generally have smaller economies and less developed capital markets
or legal, regulatory and political systems than traditional emerging market
countries. It may be particularly difficult to enforce the rights of debt
holders in frontier and emerging markets. Derivatives may involve certain costs
and risks such as liquidity, interest rate, market, credit/counterparty,
management and the risk that a position could not be closed when more
advantageous. The Fund may invest significantly in a derivative type called a
credit-linked note, which is a debt obligation the performance of which is tied
to underlying sovereign debt. Investing in derivatives could result in losing
more than the amount invested. Because the Fund may invest in fewer issuers
than a more diversified portfolio, the fluctuating value of a single holding
may have a greater impact on the value of the Fund.

High Yield Risk (applies to High Yield Bond Fund):
Investing in high yield securities involves additional risks when compared to
investing in investment-grade securities. These include a greater risk of default
or bankruptcy and an increased sensitivity to financial difficulties or changes
in interest rates.

Limited Marketability Risk (applies to Zebra Global
Equity and Zebra Small Cap Equity Funds): At times, certain securities may have
limited marketability and may be difficult to sell.

Managed Volatility Risk (applies to Acadian Emerging Markets
Managed Volatility Fund): The Fund may produce more modest gains than other
stock funds as a trade-off for the potentially lower downside risk from
investments in lower volatility securities.

Securities Lending Risk (applies to International
Equity, Small Cap Value, Stephens Small Cap Growth, Zebra Global Equity and
Zebra Small Cap Equity Funds): The Fund may participate in a securities lending
program.

SiM High Yield Opportunities Fund Risk: This Fund
typically invests in a variety of domestic and foreign high yield, high risk
securities. Investing in high-yield securities involves additional risks when
compared to investing in investment-grade securities. These include a greater
risk of default or bankruptcy and an increased sensitivity to financial
difficulties or changes in interest rates. These risks are enhanced through the
use of derivative securities, foreign and emerging markets securities.

Small and Mid-Capitalization Risk (applies to
Balanced, Earnest Partners Emerging Markets Equity, High Yield Bond, Mid-Cap
Value, Small Cap Value, Stephens Mid-Cap Growth, Stephens Small Cap Growth, The
London Company Income Equity and Zebra Small Cap Equity Funds): The Fund
invests in small and/or mid-sized companies, which involves additional risks
such as limited liquidity and greater volatility than larger companies.

U.S. Government Securities Risk (applies to Treasury
Inflation Protected Securities Fund): A security backed by the U.S. Treasury is
guaranteed only as to the timely payment of interest and principal when held to
maturity. The market prices for such securities are not guaranteed and will
fluctuate. They are also subject to credit risk and interest rate risk.

Value Risk (applies to Balanced, Bridgeway Large Cap
Value, International Equity, Large Cap Value, Mid-Cap Value and Small Cap Value
Funds): The intrinsic value of stocks selected for the Fund may never be
realized by the market, and the prices of value stocks may go down. While
investing in value stocks may limit downside risk over time, the Fund may
produce more modest gains than riskier stock funds as a trade-off for this
potentially lower risk.

Zebra Global Equity Fund Risk: The Fund’s investments
in equity securities may include large and mid-cap U.S. and non- U.S. common
stocks, preferred stocks, securities convertible into or exchangeable for
common stocks, REITs, ADRs and MLPs.

Please see the prospectus for a complete discussion of the
Funds’ risks. There can be no assurances that the investment objectives of the
Fund(s) will be met.

Performance associated with the A CLASS Funds: A portion
of the fees charged to the A Class of the Balanced Fund was waived in
2011 and 2012. Performance prior to waiving fees was lower than the actual
returns shown in 2011 and 2012. A portion of the fees charged to the A Class of
the Bridgeway Large Cap Value, Small Cap Value and Stephens
Mid-Cap Growth Funds was waived since 2012. Performance prior to waiving
fees was lower than the actual returns shown since 2012. A portion of the fees
charged to the A Class of the Emerging Markets, High Yield Bond, Holland
Large Cap Growth, Intermediate Bond, Retirement Income and
Appreciation and Short-Term Bond Funds was waived since 2010.
Performance prior to waiving fees was lower than the actual returns shown since
2010. A portion of the fees charged to the A Class of the International
Equity and Mid-Cap Value Funds was waived from 2010 through 2012 and
partially recouped in 2013. Performance prior to waiving fees was lower than
the actual returns shown from 2010 through 2012. A portion of the fees charged
to the A Class of the SiM High Yield Opportunities and Treasury
Inflation Protected Securities Funds was waived since 2011. Performance
prior to waiving fees was lower than the actual returns shown since 2011. A
portion of the fees charged to the A Class of the Stephens Small Cap Growth
Fund was waived in 2012 and partially recouped in 2013. Performance prior
to waiving fees was lower than the actual returns shown in 2012.

Performance
associated with the C CLASS Funds: A portion
of the fees charged to the C Class of the Balanced, International Equity and Large Cap Value Funds was waived from 2010 through 2012 and partially
recouped in 2013. Performance prior to waiving fees was lower than the actual
returns shown from 2010 through 2012. A portion of the fees charged to the C
Class of the Bridgeway Large Cap Value, Holland Large Cap Growth and Stephens Mid-Cap Growth Funds was waived since 2012. Performance prior to
waiving fees was lower than the actual returns shown since 2012. A portion of
the fees charged to the C Class of the Emerging Markets, High Yield Bond,
Intermediate Bond, Mid-Cap Value, Retirement Income and Appreciation and Short-Term Bond Funds was waived since 2010. Performance prior to waiving
fees was lower than the actual returns shown since 2010. A portion of the fees
charged to the C Class of the High Yield Bond Fund was waived since
2010. Performance prior to waiving fees was lower than the actual returns shown
since 2010. A portion of the fees charged to the C Class of the SiM High
Yield Opportunities and Treasury Inflation Protected Securities Funds was waived since 2011. Performance prior to waiving fees was lower than the
actual returns shown since 2011. A portion of the fees charged to the C Classof the Small Cap Value Fund was waived in 2010 and since 2012.
Performance prior to waiving fees was lower than the actual returns shown in
2010 and since 2012. A portion of the fees charged to the C Class of the Stephens
Small Cap Growth Fund was waived in 2012 and partially recouped in 2013.
Performance prior to waiving fees was lower than the actual returns shown since
in 2012.

Performance associated with each class of the Funds: A portion of the fees charged to each Class of the Acadian
Emerging Markets Managed Volatility, Earnest Partners Emerging Markets Equity,
Global Evolution Frontier Markets Income, SGA Global Growth, Small Cap Value
II, The London Company Income Equity, Zebra Global Equity and Zebra
Small Cap Equity Funds has been waived since inception. Performance prior
to waiving fees was lower than the actual returns shown since inception. A
portion of the fees charged to each Class of the Flexible Bond Fund was
waived since 2011. Performance prior to waiving fees was lower than the actual
returns shown since 2011.

Performance for classes with an Inception Date within 10
Years / Since Inception: For any Class of a Fund that began operating
within the ten-year/since inception period shown, the performance shown prior
to the inception date of the Class is that of a class (or series of classes)
previously in operation. The combined returns have not been adjusted for any
difference between the fees and expenses of the Class and the historical fees
and expenses of the included previous class (or classes). If the previous
class(es) had lower expenses, the resulting performance would be better than
the Class would have realized during the same period. If the previous class(es)
had higher expenses, the resulting performance would be lower than the Class
would have realized during the same period. Specific information about any Fund
may be found at americanbeaconfunds.com or in the prospectus.